Common use of Delayed Payment for Specified Employees Clause in Contracts

Delayed Payment for Specified Employees. Notwithstanding any provision of the Agreement to the contrary, if any stock of the Employer or AMRB is publicly traded on an established securities market or otherwise, and if the Executive is a “specified employee”, within the meaning of Code Section 409A, as of the date of the Executive’s Separation from Service, then the provisions of this Agreement permitting a payment upon a Separation from Service are satisfied only if payments may not be made before the date that is six (6) months after the date of Separation from Service (or, if earlier than the end of the six (6) month period, the date of death of the specified employee). This required delay in payment is met if payments to which a specified employee would otherwise be entitled during the first six (6) months following the date of Separation from Service are accumulated and paid on the first day of the seventh month following the date of Separation from Service, or if each payment to which a specified employee is otherwise entitled upon a Separation from Service is delayed by six (6) months. The Employer shall determine the method that will be implemented, provided that no direct or indirect election as to the method may be provided to the Executive. The Executive will, or will not, as is necessary, be identified and designated by the Employer as a specified employee as of each December 31. The designation as a specified employee shall apply for the twelve (12)-month period beginning on April 1 following said December 31. For example, the designation of the Executive as a specified employee on December 31, 2011 would apply from April 1, 2012 to March 31, 2013.

Delayed Payment for Specified Employees. Notwithstanding any provision of the Agreement to the contrary, if any stock of the Employer or AMRB is publicly traded on an established securities market or otherwise, and if the Executive is a “specified employee”, within the meaning of Code Section 409A, as of the date of the Executive’s Separation from Service, then the provisions of this Agreement permitting a payment upon a Separation from Service are satisfied only if payments may not be made before the date that is six (6) months after the date of Separation from Service (or, if earlier than the end of the six (6) month period, the date of death of the specified employee). This required delay in payment is met if payments to which a specified employee would otherwise be entitled during the first six (6) months following the date of Separation from Service are accumulated and paid on the first day of the seventh month following the date of Separation from Service, or if each payment to which a specified employee is otherwise entitled upon a Separation from Service is delayed by six (6) months. The Employer shall determine the method that will be implemented, provided that no direct or indirect election as to the method may be provided to the Executive. The Executive will, or will not, as is necessary, be identified and designated by the Employer as a specified employee as of each December 31. The designation as a specified employee shall apply for the twelve (12)-month period beginning on April 1 following said December 31. For example, the designation of the Executive as a specified employee on December 31, 2011 2014 would apply from April 1, 2012 2015 to March 31, 20132016.